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English: Ashton Kutcher at Time 100 Gala (Photo credit: Wikipedia)

When I heard about Celebrity Inc by Jo Piazza, I was doubly excited. First of all, I love business books, and I couldn’t wait to peek behind the curtain at various aspects of the entertainment industry. Secondly, I was looking forward to some escapism from the celebrity examples. As a career coach, my whole focus is on career stories, but celebrities have that aura of unattainability, of being different from you and me. However, after reading the book, I realized that, while the stories have an extreme, outlandish quality you’d expect from celebrities, the career lessons still apply to everyday folks like you and me:

Compensation is situation-specific (Angelina Jolie and Brad Pitt). The opening chapter of the book focuses on the run-up of prices in celebrity baby pictures, with a focus on the Jolie-Pitt pictures. The bidding war peaks and then bursts, and the prices paid for photos don't always follow an obvious rhyme or reason. Even celebrities aren’t immune to compensation market trends. Do not compare what you make to other people, in other circumstances, during different time periods.

Know your allies and supporters (Tim McGraw). When Tim McGraw entered the fragrance business, he selected his production partner and his sales outlets based on his existing and target customers. He did not just select the high-end stores. When you make a decision about your next employer or even your next project, do this in the context of the relationships you want to build. It’s not just about picking the brand name or highest profile opportunity.

Being fired or laid off is not the end of the world (Taylor Hicks). American Idol winner, Taylor Hicks, was dropped by his label after his first album, so he went on tour with the musical theatre production of Grease and sold his own albums at each stop, making several million dollars in the process. If your high-flying career hits an obstacle, you can turn it around with creativity, persistence, and continuing to put yourself out there.

A strong work ethic matters (Kim Kardashian). Yes, Piazza highlights Kim Kardashian’s work ethic – reliably showing up at events, actively promoting, signing autographs and engaging with fans at all levels. Even if a job doesn’t look hard, there is hard work behind it. If you want to succeed, put in the work.

Consistency matters (Lindsay Lohan v. Charlie Sheen). Piazza maintains that it’s not Lindsay Lohan’s bad girl persona that is derailing her career, as Charlie Sheen is able to make it work for him. It’s lack of consistency in her imaging. For the non-celebrity professional, it’s equally important to recognize that there is no one path to career success but it does take time to build a track record.

Don’t underestimate the importance of likeability (Valerie Bertinelli). Celebrity weight-loss contracts can translate to six figures per pound. Weight-loss companies select their celebrity representatives based on relatability, so Bertinelli is literally cashing in on her likeability. The non-celebrity professional can also cash in on likeability. The decisions of who to hire, who to promote, who to give the plum assignment to, who to let go v. keep often come down to who is supported and liked.

Adapt to a changing marketplace by learning new skills (Ashton Kutcher). Social media changed the marketplace for celebrities too, and Kutcher’s willingness and ability to embrace the new media has enabled him to get in on the ground floor of lucrative tech company investments and establish himself as a go-to person in this rapidly growing field. Pay attention to new trends. Be willing to meet new people and explore different companies and networks.

Create assets that extend beyond your working years (Michael Jackson). Piazza covers the “deleb,” or dead celebrity market, with Michael Jackson being a recent shining example of how lucrative it can be when you make money even after you aren’t working. For the non-celebrity professional this underscores the importance of creating an income stream for after you retire. For many it will be a retirement fund, like a 401k. But the Jackson example shows how it can be extensions of work created years earlier, and it’s worth thinking about how you might extend this to work you’re currently doing.

Diversify your income streams (all). Every celebrity featured in the book had projects in multiple areas, whether it is Tim McGraw with entertainment and retail or Ashton Kutcher with entertainment and social media. You do not have to be your day job. This might mean running a side business, proactively setting aside money to invest, or consulting for industries outside your current one.